Alabama Corp. acquired an investment property on January 2, 2022, at a total cost of P8 million. The property has a useful life of 25 years. Its fair value on December 31, 2022, is P9.6 million. The entity used the fair value model to account for its investment property. What is the depreciation expense to be recognized for the yea 2022? a. 384,000 b. 0 c. 256,000 d. 320,000 What is the carrying amount of the investment property on December 31, 2022? a. 8,000,000 b. 9,216,000 c. 9,600,000 d. 7,680,000 What is the gain or loss on fair value change to be recognized for the year 2022? a. 1,600,000 b. 1,920,000 c. 1,536,000 do

Alabama Corp. acquired an investment property on January 2, 2022, at a total cost of P8 million. The property has a useful life of 25 years. Its fair value on December 31, 2022, is P9.6 million. The entity used the fair value model to account for its investment property. What is the depreciation expense to be recognized for the yea 2022? a. 384,000 b. 0 c. 256,000 d. 320,000 What is the carrying amount of the investment property on December 31, 2022? a. 8,000,000 b. 9,216,000 c. 9,600,000 d. 7,680,000 What is the gain or loss on fair value change to be recognized for the year 2022? a. 1,600,000 b. 1,920,000 c. 1,536,000 do

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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